Trump Launches Hotel Project in Panama

Donald Trump is venturing into the Central American commercial real estate market with the launch of a hotel project in Panama City, Panama, in partnership with Roger Khafif, president of the K Group, a Panama-based resort developer.The 1.8 million-square-foot, $220 million beachfront project will have about 300 hotel condominium units, a 65-story condominium tower, and another 500 condo units, as well as other amenities, according to The Trump Organization. At a news briefing in New York to launch the project, Mr. Trump said he is investing in the project along with HSBC Bank. A "lot of banks" were interested in the project, he said, adding that he expects the project to attract interest from baby boomers who can "stretch their dollars" further in Panama to fund their retirements. The project is expected to be completed at the end of 2009.